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Putin Speaks Highly of BRICS Achievements

The BRICS bloc has accomplished plenty since its inception and will continue to be a force in global affairs, Russian President Vladimir Putin has said.


In a recent joint interview with the Sputnik and the IANS news agencies in Moscow, Putin made the remarks ahead of the upcoming 8th summit of the bloc, which groups the world's five leading emerging economies—Brazil, Russia, India, China and South Africa.


"The establishment of the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement with a total capital of $200 billion is a concrete example of our cooperation," the Russian president said. "Since starting its work in 2016, the NDB has approved its first series of projects in all five countries."


Speaking of the BRICS summit scheduled for the weekend in Goa, India, Putin expects the five nations to come up with new ways of expanding their cooperation, including a focus on international security and stability.


The BRICS nations may use the summit to discuss a number of global challenges including terrorism, drug trafficking and corruption, as well as settling conflicts and ensuring global information security, he added.


The Russian leader also emphasized the need to strengthen cooperation in e-commerce, including activating a web portal service for BRICS' small and medium-sized businesses.


Putin added that the The BRICS members also actively coordinate within the Group of 20(G20), including under China's current presidency. The Russian leader said such cooperation illustrates the group's firm commitment to international law and promoting the United Nations to play a core role in addressing global issues.


"With some Western countries attempting to promote their unilateral approaches, this position becomes even more important," he stressed.


Putin stressed the significance of integrating the establishment of the Russia-led Eurasian Economic Union with the China-proposed Silk Road Economic Belt to bolster growth at a time when the global economy is still reeling from the fallout of financial crisis from several years ago.


Different from countries that have been introducing protectionist measures and trying to engage in restricted non-transparent projects, such as the Trans-Pacific Partnership or the Transatlantic Trade and Investment Partnership, Putin said, this alignment could eventually provide a basis for the Big Eurasian Partnership that would involve a wide range of states of the Eurasian Economic Union, the Shanghai Cooperation Organization, and the Association of Southeast Asian Nations.


(Xinhua News Agency October 13, 2016)

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